Basic information about Singapore
Singapore is one of the countries around the world that has one of the best economies. In the year 2019, the population of the country was at 5.7 million citizens, which were categorized into four groups. They were the Indians, Chinese, Malaysia, and the rest, where under the other category, there are other groups such as the Eurasians. This group is made up of Asian and European ancestry. One of the crimes that are common in the land is scamming, which is common among the artists, and the fine for the crime offenders is to spend some time in jail. There has been an increase in literacy rates in the country for the last 14 years. It has grown from 94 percent to the current 97 percent, which signifies positive progress. Literacy has increased only for the people who are aged between15year and above.
The country has got an economy that promotes a free market. In this case, it means there are no barriers to trading. In this regard, one can sell anything to a person at any cost as long as they agree. Their economy is free without many regulations, such as the import and export duty, which exist in other economies. In Singapore, there are no regulations in the economic exchange as the market is free without any form of limitations. The economy runs based on demand and supply.
There is capital punishment in the country, as well as corporal punishment for certain kinds of crimes committed in the country. Some of the offenses are punishable through death as that what’s capital punishment pertains. The offenders are punished through hanging, while on the side of corporal punishment, caning is the most form of punishment executed. The punishment can be either private, where the offender has to spend time at home.
The country has got few natural resources such as the waterways which serve as transport systems. This helps in the transportation of both people and goods to other countries which need their products. Much of the pollution in the country originates from transports machinery such as vehicles.
Evaluation of the Singapore economy
The majority of the countries’ imports are medical instruments, among other items like machinery. On the exporting end, the country supplies to other countries. Some of the things that the country exports include aircraft and electrical instruments, among other items like mineral fuels. In the year 2018, the total amount of goods that the country had traded with the United States totaled to $90.5 billion. Many of the items in Singapore are tax-free because the country is a free port country. Based on the top experts, the country trading partners are China, Malaysia, and Hong Kong. The leading trade partner is China, followed by Hong Kong, and the rest follow regarding the exports. Tourism is one of the contributing sectors in the country wherein 2018, more than 18.5 million tourists toured the country with visitors generating $ 27.1 billion in the same year. It is one of the global destinations for many tourists across the globe. Tourism is at a peak in the country between the month of July and August. In this regard, tourism is one of the contributing sectors in the country’s economy.
The tourism sector helped the country economy achieve 4.1% in the year 2017. The development was as a result of many items which were sold to the tourists and thus helped many people earn income. An increase in the number of tourists has resulted in a rise in prices for items, most of which are bought by tourists. Inflation resulted in an increase in rates for details that lasted for a small period.
The country budget is prepared each year and begins in the month of April, which includes revised revenue. The Government uses about 17% of the GDP, which helps the country to run its daily operations. The country has got banking systems that have played a role in the development of the economy. In this regard, the economy of Singapore has been one of the best economies around the globe.
References
- https://data.gov.sg/dataset/literacy-rate-annual?view_id=93fa5d29-3a00-4cda-b432-3f63ebf31215&resource_id=331c12b3-309c-4623-b53f-487885239f33
- https://www.internations.org/go/moving-to-singapore/banks-taxes/the-economy-of-singapore
- https://www.nea.gov.sg/our-services/pollution-control/air-pollution/air-quality
- https://cacm.acm.org/magazines/2020/4/243633-innovating-services-and-digital-economy-in-singapore/fulltext
- https://www.singstat.gov.sg/modules/infographics/economy
- https://www.businesstimes.com.sg/government-economy/singapore-resident-employment-rate-edges-up-but-income-growth-slows-mom
- https://www.minimum-wage.org/international/singapore
- https://www.thoughtco.com/singapores-economic-development-1434565
- https://www.cfr.org/backgrounder/singapore-small-asian-heavyweight
- https://www.numbeo.com/quality-of-life/country_result.jsp?country=Singapore